SE Asia's top bank, DBS group gets Indian as CEO

ET BureauSep 2, 2009, 04.32am IST

MUMBAI: DBS Group, South-East Asia's largest bank, has appointed Piyush Gupta as its new CEO. This is the first time that a bank from South East Asia has appointed an Indian to head its operations. Mr Gupta is currently Citi's CEO for South East Asia-Pacific region. This would be the second senior Indian that Citi has lost in the past few months.

The 49-year-old career Citi banker who has spend 27 years in Citi will join DBS by mid November . The Singapore bank has been without a CEO since April after the death of Richard Stanley. Mr Gupta's current responsibilities in Citi covers the Asean region — Singapore, Malaysia, the Philippines , Indonesia, Thailand, Vietnam and Brunei and also Australia , New Zealand and Guam. He is in charge of all Citi's business in these countries, including corporate and investment banking, credit cards, retail banking, wealth management, financial markets and transaction services.

In a statement, DBS chairman Koh Boon Hwee said: "Piyush is a versatile and experienced banker who has spent the last 20 years in South East Asia and Hong Kong, including eight years in Singapore . Piyush is strategic, yet detail-oriented ; and has the ability to nurture high-performing teams. We are confident that he will help to strengthen our franchise and grow our footprint in Asia."

He has also held leadership positions as country manager of Citi in Singapore, Indonesia and Malaysia. Mr Gupta who graduated in economics from St Stephens, is an MBA from IIM Ahmedabad. According to media reports, Mr Gupta is in the process of applying for a Singapore citizenship.

Incidentally, Mr Gupta was also said to be one of the contenders who was slated to take over from Ajay Banga, who was the CEO of Citi Asia Pacific.